Islamic Development Bank, a Saudi Arabia-based multilateral lender, will list its inaugural ringgit-denominated sukuk program in Kuala Lumpur, following in the footsteps of General Electric Capital Corp. and Nomura Holdings Inc.
Islamic Development Bank, a Saudi Arabia-based multilateral lender, will list its inaugural ringgit-denominated sukuk program in Kuala Lumpur, following in the footsteps of General Electric Capital Corp. and Nomura Holdings Inc.
Malaysia, the world’s largest market for Shariah-compliant bonds, is offering incentives and easing rules to encourage more foreign companies to sell sukuk in the nation. Islamic Development Bank, which has 56 member countries including Egypt, Saudi Arabia and Turkey, plans to list the 1 billion ringgit ($319 million) medium-term note program it started in 2008, according to a presentation in Kuala Lumpur today.
“This listing would entice more issuers from the Gulf,” said Badlisyah Abdul Ghani, chief executive officer of CIMB Islamic Bank Bhd., joint lead manager for the ringgit issuance.
Islamic Development Bank has so far issued 400 million ringgit of bonds under its 10-year sukuk program, according to a joint statement today with exchange-operator Bursa Malaysia Bhd. They didn’t say when the next issue would be. The sukuk is rated AAA by Standard & Poor’s, the statement said.
Source: http://www.bloomberg.com
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